Guys - It's been a long time since I've purchased a used vehicle through a private party (not a dealership). I'm looking at buying a 2016 model year vehicle worth $30k+. The vehicle's title currently has a lien. Obviously, to close the deal, I'm likely going to need to meet the sellers at their bank with the money so that they can payoff the loan, remove the lien, get a clear title, and then they sign it over to me... where I then go to the SoS to title/register it, etc. Right?
From the buyer perspective, what are the gotchya's? Should I be doing a cashier's check, certified check, wire transfer? I assume it's made out to the seller, not the bank c/o the seller? Once done and clear title signed over to me in hand, do they then drive the vehicle under their insurance to the SoS? Or I suppose I could assuming I get coverage on it while at the bank, and have the signed title in hand? Just trying to ensure I have my bases covered legally and documentation/process, etc. Esp since we're not talking a $5k car.
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